Bitcoin, Ethereum, Cryptocurrencies
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After falling from just above 67,500 to a low near 15,000 for a 77% loss from peak to bottom, Bitcoin then spent about 13 months mostly moving sideways. Then this week, buyers popped up and prices rose again, as if the old days had returned after a long, long vacation. Ethereum and most of the rest of the crowd joined the bullish move.
As is usual in the market, the resurgence comes at a time when the industry’s biggest former stars are just beginning to take on the music. Sam Bankman-Fried, famous for shorts and t-shirts, has now settled into his parents’ house near Stanford University after leaving the Bahamas after authorities discovered problems with his cryptocurrency business.
“People could finally go to jail?” must mean that a market bottom is certainly near, according to supporters of the decentralized zeitgeist. It’s something like “all the bad news is out,” the old saw applied to the stock market. Whether this is actually the case for cryptos remains to be seen, of course, but here are the latest charts showing the new action.
Bitcoin BTC daily price chart looks like this:
Bitcoin daily price chart, 1 14 23.
stockcharts.com
In just a few trading days, the world’s most popular cryptocurrency is back above its 200-day moving average (the red line) and again well above its 50-day moving average (the blue line), which is just at the beginning of the “ Uptrends”.
The volume (those greyish bars below the price) is only decent and nothing to write home about. The Relative Strength Indicator (RSI, below the price chart) is in the Way Overbought zone.
Bitcoin weekly price chart is here:
Bitcoin weekly price chart, 1 14 23.
stockcharts.com
Over a longer period of time, this is far from exciting: the price has returned to the October/November resistance, which is not surprising given how markets generally trade up and down. Bitcoin remains below both significant moving averages, a less than bullish sight despite the fact that anything is possible in cryptocurrencies.
The Ethereum ETH daily chart is here:
Ethereum daily chart, 1 14 23.
stockcharts.com
The difference between this and the Bitcoin chart is this: sellers quickly jumped in to take advantage of Ethereum’s proximity to the October-November resistance level just above 1600. Other than that, it’s a nice bounce above the moving averages and now the relative strength indicator is already overbought.
The weekly chart for Ethereum looks like this:
Ethereum weekly chart, 1 14 23.
stockcharts.com
It is back above the 200-week moving average, which is slowly continuing higher. However, this move slows the descent of the 50-week moving average only slightly.
Here is the daily chart for XRPXRP also known as “Ripple:”
$XRPUSD daily chart, 1 14 23.
stockcharts.com
As the price approaches the November resistance area of $0.41, enough sellers seem to be taking it back down. Note that the surge takes XRP just above its 200-day moving average and quickly well above its 50-day moving average. The relative strength indicator is not quite in the “overbought” zone.
The weekly chart for XRP looks like this:
$XRPUSD weekly price chart, 1 14 23.
stockcharts.com
The price is off the lows but far from the September/October highs and the 50-week moving average crosses over the 200-week moving average, typically less than bullish.
However, with all cryptos, note how important it is to remember that half of all Bitcoin trades may be fake, according to this Forbes analysis. Have fun.
No investment advice. For educational purposes only.
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